Happy Thanksgiving from Manage Resource Group, Inc.

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At this time of Thanksgiving, we pause to count our blessings…

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Your business is always appreciated.

We look forward to the opportunity to assist your future equipment needs.

We extend to you our best wishes for a

happy and healthy Thanksgiving Day!

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Regards,

Manage Resource Group, Inc.

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MRG News & Views – November, 2013 Newsletter

Management and Support

Medical Equipment Lifecycle – Management & Support

In previous newsletters we discussed the importance of capital equipment inventories for healthcare facilities of all sizes. Keeping proper records of incoming and outgoing equipment involves accountability, control, and accurate documentation of capital assets. Hospitals should have policies and procedures clearly define how assets enter the facility and how assets leave the facility. This process should be applied to the accounting ledger and updated accordingly.

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Asset reconciliation is the process of recording the differences between assets that are physically located in the property and assets that are listed on the fixed asset accounting ledger. A major component of any audit is cross-referencing data collected during a physical inventory with the facilities’ accounting asset ledger.

In order to make the reconciliation process easier, be sure that data captured from the physical audit is as descriptive as possible. Identify the location, department, asset description, manufacturer, model, current asset number, and serial number of each asset so it can be cross referenced with assets currently on the hospital ledger. Many hospitals choose to implement bar code technology to tag each asset. Bar coding provides a detailed snapshot of equipment, and will help make future reconciliations easier.

Reconciling the ledger provides a clean picture of assets located in the property. This information can positively impact a few different areas for the facility:

  • Keeping the asset ledgers up to date will help your business make sound decisions on equipment that may need to be replaced.
  • Reconciliation provides savings when removing ‘ghost assets’ from the books. This will eliminate insurance payments paid on assets that are no longer physically on the property.
  • Reconciliation supports financial, risk and compliance management solutions.
  • Allows the Accounting Department to accurately associate physical assets with cost centers for each department.
  • The CFO to properly develop operating and capital budgets based upon an accurate and current ledger.
  • Fixed asset records should be continuously updated as equipment enters or leaves the property.

Reconciliation is typically associated with a physical inventory project. Once the assets have been identified and the ledger is accurate it is recommended that facilities conduct spot checks throughout the year and consider reconciling the ledger every 1-2 years. This will ensure clean data that can be leveraged by the hospital.

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MRG Recent Projects:

Equipment Resale Management Service:

MRG recently completed a resale project for an Ohio health system that involved the sale of six GE/Datex Ohmeda anesthesia machines.  This sale generated revenues over $60,000.00+.

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MRG Thanksgiving Fun Facts:

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Who doesn’t prefer white meat?!?

Since white meat is in fact the most popular part of the turkey, today’s poultry has been bred to have huge breasts.  As a result, these top-heavy birds are no longer able to mate naturally. The majority of hatcheries now use artificial insemination to fertilize the eggs of the domestic turkey.

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About MRG:

Manage Resource Group, Inc. is a privately owned healthcare equipment management company headquartered in Berea, Ohio.  Our client focused services create strategies for each customer to increase profitability on capital equipment.  We are industry experts offering the following service lines:

  •  Inventory services
  • Appraisal services
  • Resale management

For more information, visit our website at www.manageresourcegroup.net 

Is your hospital actively acquiring physician practices?

clinic waiting room for promoManage Resource Group, Inc. provides physical inventory, appraisal, and reconciliation services of assets in healthcare facilities. Information obtained during audits provide valuable information that can be leveraged against daily equipment management, technology change-outs, property transitions, renovations, and new construction.

Inventory, Appraisal, and Reconciliation Services for:

  • Hospitals
  • Physician Practices
  • Surgery Centers
  • Sleep Labs
  • Medical Clinics
  • Dialysis Centers
  • Long Term Care Facilities
  • Ambulatory Care Centers

Inventory, Appraisal and Reconciliation Services assist facilities with:

  • Minimizing stress audits place on internal staff
  • Providing an objective third party view of assets
  • Identifying demographics and location of assets
  • Reconciling and maintaining accurate accounting ledgers
  • Minimizing exposure and risk by validating equipment is actively located in property
  • Identifying and valuating assets for property acquisition, merger, or physician employment
  • Determining course of direction for assets impacted by replacement, transition, renovation, or expansion projects

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“Helping to assess, inform, and empower health care providers with their equipment management needs.” For more information on MRG’s services, visit our website or contact us at (440) 289-6490.

www.manageresourcegroup.net

Healthcare shines a spotlight on Cleveland, Ohio

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Our hometown of Cleveland has been in the news, and not just for our victory over the Baltimore Ravens on Sunday. It has been a very exciting time for Northeast Ohio in general as we get our first glimpse at the Global Center for Health Innovation. This new facility located in the heart of Downtown Cleveland, will showcase new innovations for healthcare and will feature area businesses in the community including Cleveland Clinic, University Hospitals, GE Healthcare and others.

We at Manage Resource Group, Inc. continue to show our support for our fellow healthcare-related industries that will gain international attention via our new world class facility. Cleveland Clinic just recently hosted a Medical Innovation Summit there which drew nearly 1,600 attendees from 20 countries. It is an extremely exciting time for the future of Cleveland and healthcare innovations!

http://medcitynews.com/2013/10/first-look-clevelands-global-center-health-innovation-otherwise-known-med-mart/